Meanwhile, David Bianco at Bank of America Merrill Lynch — the same firm as Bartels — takes a more optimistic view in his fundamental analysis. He raised his 12-month target on the S&P 500 to 1,450 from 1,400.
“His reasoning is that the market has priced in an 80% chance of recession, and he thinks we’re not going to get a recession,” writes WSJ’s MarketBeat.
SPDR S&P 500 ETF
For more information on the S&P 500, visit our S&P 500 category.
Max Chen contributed to this article.
Full disclosure: Tom Lydon’s clients own SPY.